Mumbai: Allied Blenders and Distillers, India’s third-largest producer of Indian Made Foreign Liquor (IMFL), plans to enter the stock market in the second half of June to raise about ₹1,500 crore, according to bankers.
The Mumbai-based company, known for Officer’s Choice and Sterling Reserve whisky, refiled its draft red herring prospectus (DRHP) in January and received regulatory approval on May 10. The IPO includes a ₹1,000-crore fresh issue and a ₹500-crore offer for sale. Initially, the company filed its DRHP in June 2022 to raise ₹2,000 crore.
Promoters Bina Kishore Chhabria, Resham Chhabria, Jeetendra Hemdev, and Neesha Kishore Chhabria plan to sell part of their stake through the offer for sale.
The company will use the net proceeds to repay some existing loans and to fund general corporate purposes.
Owned by Kishore Chhabria, a former Shaw Wallace stakeholder, the company has four millionaire brands in its portfolio, including premium whisky brands like Sterling Reserve and Iconiq. Recently, it launched a gin brand named Zoya. It is one of the few companies to launch two millionaire brands in a decade. For the year ended March 2023, the company reported net sales of ₹7,106 crore and a net profit of ₹1.6 crore. In July 2023, founder Kishore Chhabria moved to a non-executive role, bringing in Shekhar Ramamurthy from United Spirits as executive vice chairman to take charge. Alok Gupta from McDowell & Co. was also appointed as managing director in October.
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